HOA Master Policy Question

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mdang

New member
We have a tricky situation, please see below:
  • We are buying an attached condo in PS
  • There are two HOAs: the PS HOA and a Sub-Association
  • We already obtained a homeowner’s HO-3 insurance policy with dwelling coverage.
  • At the last minute, the lender informed us that we need a hazard policy covered under the HOA’s master insurance.
  • Unfortunately, our HOA’s master insurance only covers the common areas, not the condo unit itself.
  • As a result, our deal is currently stuck because the lender requires a hazard policy from the HOA.
  • We already removed all contingencies
If someone got the same case, how did you resolve?
 
If I'm not mistaken, the sub HOA for attached condo is supposed to cover the condo unit. That is why the sub HOA for attached condo is like $300-400 a month, while sub HOA for detached condo is only $100+ a month.
 
Yes the HOA fee is like $300, and we've also requested for the insurance certificate and could see the policy covers common area only, not condo unit. Thanks for the info.
 
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